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Rigetti Computing (NASDAQ:RGTI) Trading Down 3.3% After Insider Selling

Rigetti Computing logo with Computer and Technology background

Key Points

  • Rigetti Computing's shares dropped by 3.3% following insider selling, with a notable transaction involving director Helene Gail Sandford, who sold 62,000 shares at an average price of $44.89, reducing her position by 34%.
  • The company's stock currently has a consensus rating of "Moderate Buy" from analysts, with an average target price of $28.29, despite mixed ratings from various brokerages.
  • Rigetti Computing reported a revenue of $1.80 million for the last quarter, slightly under the consensus estimate, and anticipates a negative EPS of -0.34 for the current fiscal year.
  • Interested in Rigetti Computing? Here are five stocks we like better.

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 3.3% during trading on Friday following insider selling activity. The stock traded as low as $43.65 and last traded at $46.38. 111,728,707 shares traded hands during mid-day trading, an increase of 50% from the average session volume of 74,241,359 shares. The stock had previously closed at $47.97.

Specifically, Director Helene Gail Sandford sold 62,000 shares of the firm's stock in a transaction on Friday, October 17th. The stock was sold at an average price of $44.89, for a total transaction of $2,783,180.00. Following the sale, the director owned 120,371 shares of the company's stock, valued at $5,403,454.19. This trade represents a 34.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RGTI. Cantor Fitzgerald initiated coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Weiss Ratings restated a "sell (e+)" rating on shares of Rigetti Computing in a report on Wednesday, October 8th. Williams Trading set a $50.00 price objective on Rigetti Computing in a research note on Tuesday, October 7th. Needham & Company LLC lifted their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Finally, Benchmark boosted their target price on shares of Rigetti Computing from $20.00 to $50.00 and gave the stock a "buy" rating in a report on Tuesday, October 7th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.29.

Check Out Our Latest Stock Analysis on RGTI

Rigetti Computing Stock Down 3.3%

The stock has a 50 day moving average of $25.66 and a 200 day moving average of $16.53. The company has a market capitalization of $15.04 billion, a price-to-earnings ratio of -61.03 and a beta of 1.60.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The business had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.87 million. Rigetti Computing had a negative net margin of 2,134.92% and a negative return on equity of 29.05%. As a group, sell-side analysts anticipate that Rigetti Computing, Inc. will post -0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in Rigetti Computing by 15,050.9% during the first quarter. GAMMA Investing LLC now owns 25,605 shares of the company's stock valued at $203,000 after acquiring an additional 25,436 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at about $126,000. Janney Montgomery Scott LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at about $206,000. Kingswood Wealth Advisors LLC bought a new stake in shares of Rigetti Computing during the 1st quarter valued at about $144,000. Finally, PFG Investments LLC acquired a new stake in Rigetti Computing during the first quarter worth approximately $687,000. Institutional investors own 35.38% of the company's stock.

About Rigetti Computing

(Get Free Report)

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.

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